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The fluctuating Australian
dollar and the ongoing
oversupply of grapes
continue to have an impact
on the difficult times
being faced by many
in the Australian wine
industry, according to
Deloitte's Annual Financial
Benchmarking Survey for
the Australian Wine Industry
- Vintage 2008 Report.
This report examines the
financial performance of
wineries located across
Australia for the 2008
financial year, and is based on
individual financial results and
information which wineries
have provided to Deloitte.
Deloitte partner and leader
of the Deloitte Wine
Industry Group, Mr Stephen
Harvey, believes the
constant movement in the
Australian dollar is making
our wine more expensive
in overseas markets and
Australia's brand image and
perceived reputation is now
for producing good quality
and cheaper wines.
"The Australian wine
industry has been struggling
to focus its attention on
the quality of our more
expensive and premium
wines in overseas markets.
This means, if we continue
to supply large quantities
of high quality wines at
cheaper prices overseas,
we are continuing to build
our reputation as being a
volume producing country,
which may make us
become a victim of our own
success,
" he said.
"On top of this, our wineries
have also been impacted
by the dollar fluctuation
which took place over
last few years. These re
dollar fluctuations, which
took place throughout 2008
and 2009, combined with
our current strong exchange
rate, make it difficult for our
wineries to access overseas
markets,
" he said.
Our wine industry has
no problem with actual
production and has
produced near-record grape
crushes in both the 2008
and 2009 vintages, but it
does need to make some
tough decisions in order to
flourish in the longer term.
"Severe weather such as
drought and heat waves
across South Australia
and Victoria during recent
vintages has not really had
a negative impact on
overall grape production.
However, the industry
cannot just be about
increasing volumes every
year. Unfortunately, there
are going to be thousands
of hectares of vines which
won't be picked next
year due to this current
oversupply in the industry.
"It will be the wineries
which savour the long
term view of investing
in sustainable, profitable
growth instead of
short term reactionary
measures that are more
likely to end up producing
more profitable results
further down the track,
"
concluded Mr Harvey.
Pressure remains for
Australian wineries
It was a balmy Adelaide day when the Deloitte Adelaide
team took to the treadmills and participated in the Foxtel Lap,
supporting the Murdoch Children's Research Institute.
Held in Melbourne, Sydney, Perth, Brisbane and Adelaide,
the Foxtel Lap is a corporate treadmill challenge that sees
thousands of participants running to raise funds for research
into diabetes, allergies, cancer, premature birth, obesity,
genetic conditions and mental health problems in children.
As a major sponsor and developer of the official Foxtel
Lap website (www.foxtellap.com.au) the Deloitte team
collectively clocked up 1043 laps throughout the day at the
picturesque location in Victoria Square.
Deloitte Tax Partner Megan Field entered the final race -- the
Chief's Challenge - and ran against other senior executives in
what was a thrilling sprint to the finish posts.
D loitte runs for charity
If you would like to
receive a free copy of
the Wine Benchmark
Survey -- Vintage 2008
pl
lickh e
es
d
ns
er the
ecent
please click here.